Syariah Mandiri Back Pawn Gold Offer

Bank Syariah Mandiri (BSM) has been offering more products pawning gold since April 9. Bank is in compliance with the provisions of Bank Indonesia (BI) in marketing the product, such as fixing a standard operating procedure (SOP) and the financing of a maximum ceiling of 20 percent of total financing.

BSM suspend gold pawning service in late 2011. Bank Mandiri is a subsidiary of kinship with BRI and BNI Islamic Sharia. However, two Islamic banks that had already been returned to his business since March 2012.

"Discharge tray remaining Rp 1.3 trillion due to suspension, and an additional Rp 1 trillion in mortgage financing target for gold this year," said Hanawijaya, Director of BSM, yesterday (18/04/2012). Target is not much different from the realization of the pledge of gold during the year 2011.

BSM management is optimistic that this year's gold pawn business remains bright, despite regulators tighten. Through a Circular Letter (SE) Number 14/7/DPBS, BI limit finance to value (FTV) a maximum of 80 percent of the estimated price of gold. In addition, the maximum period of 4 months and the lien can only be extended twice. Then, a portfolio of gold pledge a maximum of 20 per cent of total financing. "The rules makes BI a more narrow market segments and competition will be tight," he added.

To remain competitive, Bank Syariah Mandiri expand market penetration. One way, adding 27 gold pawn service outlets throughout the year. Last year, gold pawn outlets that serve the 314 units recorded.

Besides enjoying the results, banks also earn a commission (fee-based income) from the gold pawn business. Based on 2011 financial statements, BSM won fee-based income rose to Rp 1.08 trillion or 90.94 percent. Gold Pawn contribute Rp 230 billion or the biggest. The rest comes from fund product transactions pilgrimage, administrative savings, including e-channeling.

In anticipation of reduced contribution fee based income mortgage gold, BSM will boost fee-based than other segments. "For example, enlarging the disbursement transactions Partnership and Environment Development Program (PKBL) to the micro sector," said Hanawijaya.

BSM posted a net profit of Rp 551.07 billion by the end of 2011, grew 31.67 percent over the previous year amounting to Rp 418.52 billion.
Director of Bank Syariah Mandiri Yuslam Fauzi said the biggest contributor to this increase in net profit margin derived from the income of Rp 3.77 trillion, up 36.59 percent over the previous year which amounted to Rp 2.76 trillion.